Method and system relating to a multi-lateral trade engine for payment transactions

• US 7,831,521 B1
• Filed: 10/25/2007
• Issued: 11/09/2010
• Est. Priority Date: 06/21/2005
• Status: Active Grant

• Current Assignee: First Data Merchant Services LLC (Fiserv Incorporated)
• Original Assignee: RemitGate LLC
• Inventors: Sechrest, Jeffrey R., Friel, Daniel, Ball, Robert
• Primary Examiner(s): Fischer; Andrew J.
• Assistant Examiner(s): Mandel; Monica
• Application Number:
  US11/923,842
• Time in Patent Office: 1,111 Days
• Field of Search: 705/64, 705 16- 17, 705/35, 705/39, 235/375, 235379-382
• US Class Current: 705/64
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

In one embodiment of the present invention a method to allow a consumer to direct payments to be made via one or more payment vehicles of choice is provided. In another embodiment of the present invention a system to allow a consumer to direct payments to be made via one or more payment vehicles of choice is provided.

Claims

1. A computer implemented method for processing a transaction, comprising:

setting up with a transaction facilitator at least one security-enabled consumer account associated with a consumer;

associating, with the security-enabled account of the consumer, at least one rule related to a first payment vehicle of the consumer, wherein the first payment vehicle is associated with a first payment vehicle account provider and wherein the rule associated with the first payment vehicle identifies at least one circumstance under which the first payment vehicle is to be utilized;

associating, with the security-enabled account of the consumer, at least one rule related to a second payment vehicle of the consumer, wherein the second payment vehicle is associated with a second payment vehicle account provider and wherein the rule associated with the second payment vehicle identifies at least one circumstance under which the second payment vehicle is to be utilized;

storing, in memory, data indicative of the rule related to the first payment vehicle and the rule related to the second payment vehicle;

associating, with the security-enabled account of the consumer, transaction information relating to at least one transaction between the consumer and a provider of a product or service; and

directing payment for the transaction using funds from at least one of the first and second payment vehicles based on the data, wherein the transaction facilitator directs the payment and the funds are utilized in conformance with the rules and transaction information associated with the security-enabled account of the consumer;

wherein the transaction facilitator, the first payment vehicle account provider and the second payment vehicle account provider are distinct entities;

wherein the funds to pay for the transaction go from a respective one of the first and second payment vehicles to the provider of the product or service without being held by or credited to the transaction facilitator;

wherein the circumstance under which the first payment vehicle is to be utilized is selected from the group including;

a value of the transaction being below a certain amount, a value of the transaction being above a certain amount, a certain type of product being associated with the transaction, and a certain type of service being associated with the transaction; and

wherein the circumstance under which the second payment vehicle is to be utilized is selected from the group including;

a value of the transaction being below a certain amount, a value of the transaction being above a certain amount, a certain type of product being associated with the transaction, and a certain type of service being associated with the transaction.

2. The method of claim 1, wherein the first payment vehicle account provider is a financial institution.

3. The method of claim 1, wherein the second payment vehicle account provider is a financial institution.

4. The method of claim 1, wherein each of the first payment vehicle and second payment vehicle is selected from the group including:

(a) a credit card account;

(b) a line of credit;

(c) a bank account;

(d) a brokerage account; and

(e) a pre-paid stored value card account.

5. The method of claim 4, wherein the bank account is selected from the group including:

(a) a checking account;

(b) a savings account; and

(c) a money market account.

6. The method of claim 4, wherein the brokerage account is selected from the group including:

(a) a checking account;

(b) a savings account; and

(c) a money market account.

7. The method of claim 1, wherein the transaction is an on-line transaction.

8. The method of claim 1, wherein the transaction is carried out in person at a point of sale terminal.

9. The method of claim 1, wherein the rule associated with the first payment vehicle causes the transaction to be paid for with funds coming exclusively from the first payment vehicle.

10. The method of claim 1, wherein the rule associated with the second payment vehicle causes the transaction to be paid for with funds corning exclusively from the second payment vehicle.

11. The method of claim 1, wherein the rule associated with the first payment vehicle causes the transaction to be paid for in part with funds coming from the first payment vehicle and the rule associated with the second payment vehicle causes the transaction to be paid for in part with funds coming from the second payment vehicle.

12. The method of claim 1, wherein the transaction information relating to the transaction is received from the consumer.

13. The method of claim 1, wherein the transaction information relating to the transaction is received from the merchant.

14. The method of claim 1, wherein the steps are carried out in the order recited.

15. A system for processing a transaction, comprising:

memory;

a mechanism that sets up with a transaction facilitator at least one security-enabled consumer account associated with a consumer;

a mechanism that associates, with the security-enabled account of the consumer, at least one rule related to a first payment vehicle of the consumer, wherein the first payment vehicle is associated with a first payment vehicle account provider and wherein the rule associated with the first payment vehicle identifies at least one circumstance under which the first payment vehicle is to be utilized;

a mechanism that associates, with the security-enabled account of the consumer, at least one rule related to a second payment vehicle of the consumer, wherein the second payment vehicle is associated with a second payment vehicle account provider and wherein the rule associated with the second payment vehicle identifies at least one circumstance under which the second payment vehicle is to be utilized;

a mechanism that stores, in the memory, data indicative of the rule related to the first payment vehicle and the rule related to the second payment vehicle;

a mechanism that associates, with the security-enabled account of the consumer, transaction information relating to at least one transaction between the consumer and a provider of a product or service; and

a mechanism that directs payment for the transaction using funds from at least one of the first and second payment vehicles, wherein the transaction facilitator directs the payment based on the data and the funds are utilized in conformance with the rules and transaction information associated with the security-enabled account of the consumer;

wherein the transaction facilitator, the first payment vehicle account provider and the second payment vehicle account provider are distinct entities;

wherein the funds to pay for the transaction go from a respective one of the first and second payment vehicles to the provider of the product or service without being held by or credited to the transaction facilitator;

wherein the circumstance under which the first payment vehicle is to be utilized is selected from the group including;

a value of the transaction being below a certain amount, a value of the transaction being above a certain amount, a certain type of product being associated with the transaction, and a certain type of service being associated with the transaction; and

wherein the circumstance under which the second payment vehicle is to be utilized is selected from the group including;

a value of the transaction being below a certain amount, a value of the transaction being above a certain amount, a certain type of product being associated with the transaction, and a certain type of service being associated with the transaction.

16. The system of claim 15, wherein the first payment vehicle account provider is a financial institution.

17. The system of claim 15, wherein the second payment vehicle account provider is a financial institution.

18. The system of claim 15, wherein each of the first payment vehicle and second payment vehicle is selected from the group including:

(a) a credit card account;

(b) a line of credit;

(c) a bank account;

(d) a brokerage account; and

(e) a pre-paid stored value card account.

19. The system of claim 18, wherein the bank account is selected from the group including:

(a) a checking account;

(b) a savings account; and

(c) a money market account.

20. The system of claim 18, wherein the brokerage account is selected from the group including:

(a) a checking account;

(b) a savings account; and

(c) a money market account.

21. The system of claim 15, wherein the transaction is an on-line transaction.

22. The system of claim 15, wherein the transaction is carried out in person at a point of sale terminal.

23. The system of claim 15, wherein the rule associated with the first payment vehicle causes the transaction to be paid for with funds coming exclusively from the first payment vehicle.

24. The system of claim 15, wherein the rule associated with the second payment vehicle causes the transaction to be paid for with funds coming exclusively from the second payment vehicle.

25. The system of claim 15, wherein the rule associated with the first payment vehicle causes the transaction to be paid for in part with funds coming from the first payment vehicle and the rule associated with the second payment vehicle causes the transaction to be paid for in part with funds coming from the second payment vehicle.

26. The system of claim 15, wherein the transaction information relating to the transaction is received from the consumer.

27. The system of claim 15, wherein the transaction information relating to the transaction is received from the merchant.

28. The system of claim 15, wherein:

the mechanism that sets up with a transaction facilitator at least one security-enabled consumer account associated with a consumer comprises at least one of computer hardware and computer software;

the mechanism that associates, with the security-enabled account of the consumer, at least one rule related to a first payment vehicle of the consumer comprises at least one of computer hardware and computer software;

the mechanism that associates with the security-enabled account of the consumer, at least one rule related to a second payment vehicle of the consumer comprises at least one of computer hardware and computer software;

the mechanism that associates, with the security-enabled account of the consumer, transaction information relating to at least one transaction between the consumer and a provider of a product or service comprises at least one of computer hardware and computer software; and

the mechanism that directs payment for the transaction comprises at least one of computer hardware and computer software.